Ecobank Posts N48.535bn Profit After Tax in Q2 2020

Ecobank Transnational Incorporated grew gross earnings to N392.013 billion during the quarter ended June 30, 2020.

This represents a 3 percent decline from N405.202 billion filed in the same period of 2019.

In the unaudited financial statements released through the Nigerian Stock Exchange for the quarter, the lender’s revenue rose by 4 percent from N280.106 billion in Q2 2019 to N290.313 billion in Q2 2020 despite COVID-19 pandemic that grounded business activities during the quarter.

Operating profit before impairment losses expanded by 11 percent from N94.111 billion in Q2 2019 to N104.245 billion in Q2 2020.

However, profit before tax declined by 13 percent from N73.434 billion achieved in the second quarter (Q2) of 2019 to N61.133 billion in Q2 2020.

Profit after tax dipped by 18 percent to N48.535 billion during the quarter under review, down from N59.492 filed in the corresponding period of 2019.

The lender’s total assets expanded by 9 percent from N8.622 trillion recorded in the same period of 2019 to N9.392 trillion. While loans and advances to customers declined slightly by 1 percent from N3.383 trillion to N3.334 trillion.

Deposits from customers grew by 9 percent from N5.925 trillion in Q2 2019 to N6.461 trillion in Q2 2020. The bank’s total equity increased by 8 percent from N687.743 billion posted in Q2 2019 to N742.735 billion.